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First Merchants cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$78.4M in Q3 2026 · $306M over twelve months

Operating cash flow$78.4M
Free cash flow+$78.4M
Cash / net income1.1×

Analysis

In Q3 2026, First Merchants generated $78.4M of operating cash flow. That is $9.2M less than in Q3 2025 ($87.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $306M; the largest uses were net borrowing (+) / repaid (−) ($599M), dividends ($90.1M), buybacks ($60.7M); besides operations, cash came from other financing ($468M), shares issued ($589K); the cash balance fell by $1.5M.

Operating cash flow was $78.4M against net income of $68.3M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$9.7M, deferred taxes +$6.8M, income taxes payable −$4.0M.

Free cash flow

First Merchants: free cash flow by quarterFirst Merchants: free cash flow by quarter$67.5MQ4 2024$61.7MQ1 2025$53.7MQ2 2025$87.6MQ3 2025$80.7MQ4 2025$58.6MQ1 2026$88.0MQ2 2026$78.4MQ3 2026
Operating cash flow less capital spending.
First Merchants: operating cash flow against capital spendingFirst Merchants: operating cash flow against capital spendingOperating cash flowCapital spending$67.5M$0Q4 2024$61.7M$0Q1 2025$53.7M$0Q2 2025$87.6M$0Q3 2025$80.7M$0Q4 2025$58.6M$0Q1 2026$88.0M$0Q2 2026$78.4M$0Q3 2026
Latest (Q3 2026): Operating cash flow $78.4M, Capital spending $0.

Capital allocation, year by year

First Merchants: where the cash came from (up) and went (down), by fiscal yearFirst Merchants: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksDividendsFY2021: Operating cash flow $215MFY2021: Net borrowing −$50.7MFY2021: Shares issued $198KFY2021: Acquisitions −$3.2MFY2021: Buybacks −$25.4MFY2021: Dividends −$61.2M$216MFY2021FY2022: Operating cash flow $284MFY2022: Net borrowing $486MFY2022: Shares issued $358KFY2022: Acquisitions −$79.3MFY2022: Dividends −$72.7M$770MFY2022FY2023: Operating cash flow $259MFY2023: Net borrowing −$285MFY2023: Shares issued $1.1MFY2023: Dividends −$80.1M$260MFY2023FY2024: Operating cash flow $266MFY2024: Net borrowing $129MFY2024: Shares issued $900KFY2024: Buybacks −$56.2MFY2024: Dividends −$81.6M$397MFY2024FY2025: Operating cash flow $284MFY2025: Net borrowing −$158MFY2025: Shares issued $454KFY2025: Buybacks −$46.9MFY2025: Dividends −$82.9M$284MFY2025
Over these 5 years operating cash flow totalled $1.3B; the largest uses were net borrowing ($494M) and dividends ($379M). Cash-flow statements as filed.

Where the cash came from and went

First Merchants: sources (+) and uses (−) of cash, Q3 2026First Merchants: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$514MOther financing$274MOther investing$197MOperating cash flow$78.4MDividends−$23.2MBuybacks−$12.0MCash drawn (+) / kept (−)$71K
First Merchants: sources (+) and uses (−) of cash, TTM to Q3 2026First Merchants: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$599MOther financing$468MOperating cash flow$306MDividends−$90.1MBuybacks−$60.7MOther investing−$25.8MCash drawn (+) / kept (−)$1.5MShares issued$589K

From profit to cash

First Merchants: net income to operating cash flow, Q3 2026First Merchants: net income to operating cash flow, Q3 2026Net income$68.3MDepreciation & amortization$9.7MStock-based pay$2.0MDeferred taxes$6.8MOther non-cash$1.9MIncome taxes payable−$4.0MOperating cash flow$78.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$78.4M—−$12.0M−$23.2M−$514M—$71K$78.4M
Q2 2026$88.0M—−$13.4M−$23.2M−$41.2M—$11.4M$88.0M
Q1 2026$58.6M−$7K−$24.9M−$22.8M$134M$465K−$13.9M$58.6M
Q4 2025$80.7M—−$10.4M−$20.8M−$178M$124K$3.9M$80.7M
Q3 2025$87.6M—−$6.5M−$20.8M$16.8M$93K−$6.5M$87.6M
Q2 2025$53.7M—−$22.1M−$20.8M−$182M$111K$4.5M$53.7M
Q1 2025$61.7M—−$7.9M−$20.5M$185M$126K$1.5M$61.7M
Q4 2024$67.5M—−$6.2M−$20.5M$77.1M—−$2.9M$67.5M

First Merchants: income statement and cash flow

First Merchants, Q3 2026: revenue $199M (+20% year over year), operating margin 39.9%. The chart follows the revenue to costs, profit and cash.

First Merchants: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.